I-T Searches Rock Hcl Tech

The scrip price of HCL Technologies dropped by 8.5 per cent on Friday consequent to the searches by the income-tax department on the premises of some group companies. Market sources said the company could face tax liabilities of over Rs 100 crore.

In fact, the stock was the highest loser among Sensex stocks. The scrip has depreciated by more than 32 per cent from January 9, when it was ruling at around Rs 329. More than 28 lakh shares of HCL Tech shares were traded on the Bombay Stock Exchange on Friday.

The scrip closed at Rs 222.45, while it had hit a intra-day high of Rs 247.90. HCL Tech ranks fourth among software companies in terms of market capitalisation. The scrip opened at Rs 244.90 against a previous close of Rs 243.25.

For the quarter ending on December 31, 2001, the company had posted a 1.3 per cent increase in profit after tax to Rs 125.6 crore compared to Rs 124 crore in the corresponding period of the previous year, which was below market expectations. Total income for the quarter rose by more than 17 per cent to Rs 401.3 crore from Rs 342.3 crore in the corresponding quarter of the previous year.